Three wise men? or the three stooges!
So the other day Bill Gates, Warren Buffet and Charlie Munger appeared on CNBC, in which for me was a bizarre tirade against Bitcoin. Now Munger and Buffet are serial haters of all things Bitcoin but I was rather surprised by Bill Gates as just a year or so ago his views were much different.
Bill Gates said "Bitcoin is exciting because it shows how cheap it can be" in reference to financial services and the fees we are charged for using them.
Amongst those 3 I would have thought if anyone would have got it, it would have been Bill Gates but then he is close friends with Warren Buffet and Charlie Munger is Vice Chairman of Berkshire Hathaway and guess what makes up their portfolio?
American Express
Bank of New York
Bank of America
Wells Fargo
US Bancorp
Moodys
Do you see the connection here?
Some of the sound bites from the Interview ...
"Worthless artificial gold"
"Scumball activity"
"Not producing anything"
"Greater fool investment"
"I would short it if there was an easy way to do it"
"Not something the world needs"
With a combined age of 243! I guess its not too surprising they don't get it, but again very shocked by what Gates said.
Interestingly there is an easy way to short Bitcoin and the Winkelvoss twins took no time to inform Bill Gates about Bitcoin Futures but I am not expecting Gates to take up their offer to put his "Money where is mouth is".
At the end Warren Buffet then explained a bizarre analogy about getting mad when your investment is criticised and that this equates to you just gambling and hoping it goes up, this was really strange I must say.
But this goes much beyond 3 old guys just not "getting it" this was a direct attack against something they are very very worried about, I think this is the first time I have seen the real impact Bitcoin is making in the world.
This in fact makes me very very happy indeed because these guys made their Millions in a Fiat based economy, they were geniuses in that arena and that was great for them so they should have no need to bash something they don't understand unless it was a threat and it is a very big threat indeed and they know it, this just proves it for me.
Its time these Dinosaurs were swept away and I am beginning to think that Bitcoin is the broom to do it!!
Buffett is clearly a very savvy investor but I think I'm right in saying that most of his investments are very long term. Maybe a very long term view on crypto will produce similar results. He was wrong about Google so he's certainly not infallible.Munger is Buffetts lacky so same goes for him and isn't Gates a software engineer that basically copied the Apple UI back in the day and became very successful by doing so. He may have a vast fortune but I'm not sure he's an investment analyst.
OLD MEN crapping on technology they don't understand...the banks KNOW they are behind the new generations and are trying to use these guys to slow down the old generations that are just now starting to be on board...
You're right here.
Three guys spreading FUD. They don't do anything by accident, let alone give an interview where all of them are present.
Long answer short...MORONS!
It's hard to disregard what they say because clearly they were experts in their field and made (b)millions of dollars. I mean even an athlete he can't compete forever and unless he can evolve and find a new way to play when he's past his prime he wont be anywhere close to where he was at his prime ( unless you're Lebron James )
Maybe they simply just don't care and are at the point in their lives where it wont affect their future and have no reason to understand it as they've made their fortune in there time.
I'm just spitting bs now but I honestly don't really take in what they say even though they are some of the richest individuals in the world behind the Rothschild's etc.
Great article!
It is true that they have no clue how it works and how they can make money with it.
The problem is that all 3 of them do understand how and in what to invest!
There are 3 stages:
I wouldn’t surprised if they did invest it and just want to keep the price low so that they can balance their portfolio!
When this is done, hence they have swapped enough fiat into cryptos, they will announce that they do support it!
The financial (bank) people are all shitting themselves, I hate it when they do this! They need to get on this train fast and stop pissing about, they don't like it because they are not in control.
It was a bizarre outburst from the three of them. I think they may be trying to corner the bitcoin market like they did with silver in the 90s. : https://www.bullionvault.com/gold-news/silver-buffett-hunts-032820146
Bitcoin's limited supply makes it good vehicle for cornering if you have the money to do so.
Nice article it was very interesting, that is a possibility.
Three outdated zombies
They are in fear of loosing control.